I have a mixture of taxable and tax exempt bonds for which I receive interest income every year. All my accrued interest this year is for tax exempt bonds purchased in 2024. Where and how do I report that in Turbo Tax?
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Hello dick16,
When you start working on your 2024 return, follow these steps to report interest on Tax Exempt bonds.
1. Go to Income and Wages.
2. Click on Investment Income
3. Please do not select import but select "Type if myself"
4. Enter "US Treasury" under bank name.
4. Click on "My form has info. in more than just box 1"
5. Enter interest on box 8 "Tax Exempt Interest".
Please note, these steps are based on 2023 TurboTax online.
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TurboTax Expert
Hello, Dick16!
In general, when you receive tax-exempt interest from investments like municipal bonds, you will receive a Form 1099-INT or Form 1099-OID. On Form 1099-INT, your tax-exempt stated interest will usually be shown in box 8.
In TurboTax, follow these steps:
For more information see:
Please feel free to reach back out with any additional questions or concerns you might have!
Have an amazing rest of your day!
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jdxray
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jdxray
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dick16
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